Who among us wouldn’t like to see a bigger balance in their bank account, savings account or retirement account? Who wouldn’t love to afford to live more lavishly – or at the very least, not worry about meeting expenses? It’s human nature to want to make more money without going to a lot more effort than we already do. There is no shortage of “get rich quick” schemes in the world that prey on precisely that desire. When the options are things like, “pick up some overtime,” “get a second (or third) job” or simply, “stop spending so much,” it’s easy to be lured into believing in some common ploys and misinformation that promise to help us make big bucks easily.
Here are some of the ways that others manipulate that desire to make more money into a money-maker for themselves – by taking our hard-earned dollars with the promise of a big return that probably won’t happen:
- They make giving them money exciting and addictive – Gambling is the perfect example of this ploy to make you think that you have a chance to gain a lot for relatively little. The lie they perpetrate is that luck has more to do with making money than do sound financial practices. In short, the odds of hitting it big by gambling is negligible – the cards are stacked against you, designed that the house wins and you…don’t. By convincing you that you have a chance to win, they get you to throw more money their way. Gamble all you want for recreational purposes but do understand that it’s not a rational substitute for a financial plan.
- They over-complicate by leading you to believe you can’t do it without them – A classic example here includes the “make money in your sleep” ploy. Unscrupulous marketers can easily convince those looking to make money online to buy an e-commerce website from them. In truth, you don’t need to go through (and pay) this middleman who brings the opportunity to your attention. You can find opportunities like the ones they sell on your own – like an Amazon portal – to bring in some extra bucks.
- They oversimplify how difficult it is to profit – Buy low, sell high – like the house-flipping rage – is an example of this tactic. While it is possible to turn a profit from rehabbing a home, making it a habit can be risky. Selling an improved property can be iffy; even when you get a fixer-upper for a bargain price, unless you have a buyer lined up, you’re stuck with an expensive investment that can easily turn into a money pit rather than a money-maker.
- They overstate your earning potential – There are a multitude of multi-level marketing companies that offer their distributors appealing wholesale prices to act as their salesforce. In order for direct sales to be as lucrative as their marketing hype suggests, distributors must push hard, sell a large volume of product, wear many hats and work their way up the ladder to manage underlings in order to earn a cut of their sales as well. Those who “make it rich” following this business model are few and far between.
Any of these four income strategies can potentially bring in extra cash. Be aware of what they all have in common: Claims of big financial rewards for minimal (and/or enjoyable) effort. When considering any profit-generating opportunity, remember that if it sounds too easy or sure-fire, those behind it are most likely someone making a buck off your desire to do the same.
For what “get rich schemes” have you fallen?
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